HDC held its 41st Regular General Shareholders’ Meeting at CGV Yongsan IPARK Mall at 10 a.m. on March 23rd.
During the regular general shareholders’ meeting, it was resolved that the organization will be divided into HDC (a tentative name), as a holding company, and HDC Hyundai Development Company (a tentative name), before transitioning to a holding company system. The date of division will be May 1, and the existing corporation will be transformed into HDC through a spin-off, with the new division established as HDC.
HDC will focus on advancing a business portfolio featuring subsidiary management and realty rental business, and Hyundai Development Company will concentrate on strengthening its expertise in the residence, architecture and infrastructure sectors while raising its business competitiveness.
The company also resolved to pay 1,000 won in cash dividends per common share with the division of the organization. As a result of attaining its highest managerial performance for 2 years in a row, the total amount of dividends was appropriated to be 70 billion won, the largest amount ever.
Byeong Gyu Yu, Vice President in charge of the Holding Company Project from the Korea Institute for Industrial Economics & Trade (KIET), was selected as an inside director. Je Yun Shin, former Chairman of the Financial Services Commission; Jin Oh Kim, an attorney with DongIn Law Group and a former judge from the Changwon District Court; and Bang Ju Lee, President of JR AMC, were appointed as outside directors.
Dae Chul Kim, CEO of HDC, said, “We will continue to reinvent ourselves in order to grow into a sustainable company by going beyond strong performance and creating greater value. We will strengthen our sectorial expertise in development, construction, and operation and expand construction and infra convergence from the perspective of urban development.”
He went on to say, “The company will concentrate on attaining targets for our future portfolio, which has been set to facilitate our growth into a comprehensive realty and infra group.
We will go beyond hardware elements in the construction industry and boost group synergy by creating new services in logistics, distribution, and B2C as well as a content platform while creating a business ecosystem through cross-industrial partnerships and facilitated strategic M&As.”